Coway Co. reported a 9% increase in first-quarter operating profit as the South Korean home appliance maker expanded its footprint in international markets and rolled out new products.
Operating profit rose to 211.2 billion won ($157 million) in the three months ended March 31, while sales climbed 17.3% to 1.175 trillion won, the company said Friday.
The Seoul-based firm saw strong growth across its business lines, with domestic revenue jumping 10.8% to 678.6 billion won, fueled by a 63% surge in net rental account additions. New product launches, including the Looloo Double Care Bidet 2 and NOBLE 2.0 Air Purifier series, contributed to growth alongside steady demand for its flagship Icon Water Purifier series.
Overseas operations showed particularly robust performance, with revenue up 25.8% to 46.7 billion won. Malaysia remains Coway’s largest international market, generating 328.9 billion won in revenue, a 22% increase from a year earlier. The U.S. and Thailand subsidiaries posted growth of 33.7% and 43.9%, respectively.
“We will remain agile within an ever-changing market while enhancing our products and service competitiveness,” CFO Kim Soon-tae said in a statement, adding that the company plans to accelerate expansion of its elder care business, Coway Life Solution.
As part of its corporate value enhancement strategy, Coway announced plans to buy back 110 billion won of treasury stock this year, potentially boosting shareholder returns through cancellation of shares.
